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What do I need to get started?

You must be at least 18 years old and have a valid social security number or ITIN number along with a U.S. bank account. To comply with federal law, we may ask you to provide documentation to help us verify your identity.

How secure is my information?

We use the highest industry standard to safeguard your information. We do not store any bank account information after it is linked. To read about our privacy policy, click here. You can also read how your information is secured with our financial partner here.

Why is there a personal limit on joola?

We set a personal limit to help you build your reputation and financial history within the app. As you progress and complete group cycles, your personal limit will grow. It serves as a guideline for your spending power in joola. You can always request limit increase under your account setting and send us supporting documents as needed.

Why do I need to verify my identity and provide my SSN or ITIN number?

As part of our safety measure to ensure everyone has the best experience using Joola, we ask users to provide their Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) during registration. 

It is part of a standard industry procedure known as Know Your Customer process to validate user identities. We may ask you to provide documentation, such as driver’s license or passport, to help us verify your identity.

What is the best practice to join a group or add users as friends?

Similar to how you use social media platform, we encourage you to use your best judgment before you join a group or approve a friend request. Report any suspicious activity or user to [email protected].

What is ROSCA?

Rosca (Rotating savings and credit association (ROSCA) is a group of individuals who agree to meet for a defined period in order to save and borrow together, a form of combined peer-to-peer banking and peer-to-peer lending.

The first academic description of ROSCAs was by Shirely Ardener in 1964. The concept has been around for many years in different parts of the world. Joola modernizes the concept and connect to save together. Read more about the history of ROSCA here.

Groups

As a group admin, what are my responsibilities?

As the group creator, you have the ability to invite and approve requests to join your group. It’s important that you know and trust those you invite to the group. This is to ensure that participation is based on trust and genuine commitment to participate. 

How are the payouts order determined?

As a group admin, you have the option to set the group payout order. Below are three options you can select to determine payout position for each group members: 

  1. Random – set payout positions to random drawings.
  2. First come, first serve – set payout positions in the order in which they join the group
  3. Set by admin – group admin has the ability to decide payout positions
Can I make edits to the group I created?

Yes, definitely! You can always click on settings (  ) icon and select “Edit Group”. You can edit a group up to 24 hours before the first payment is initiated. After that, the group is no longer editable.

How do I invite friends to a group?

To invite your friends, send them invitations to join Joola. Once they sign up and complete account verification, you can add them as contacts. Click on “Edit” if you are the group admin and start inviting them to your groups. Friends can search for your group under “search” tab and send a request to join. 

Can I exit a group and cancel my payments?

Yes, you can choose to exit the group up to 24 hours before the first payment is initiated. To exit, go on the group details screen and select “Exit Group” from the menu.

You agree to complete the group and make all the scheduled payments once the group is in the “Starts Soon” status. Payments cannot be canceled while the group is active.

Some of the slots in my group are empty and my start date is in 3 days. What do I do?
If you have a minimum of four (4) members, you have the option to start the group with existing members or extend the start date one more week to find more members. You can extend the start date twice and then the group will start automatically. The payout order will be updated accordingly when the group starts.

When you do not have more than four (4) members in a group, you can extend the start date and continue to find members. Once the start date has been extended twice and there are still less than four (4) members, the group will be canceled and archived within 7 days. 

You can find and restart canceled groups under “Archived” tab.

How do I remove a user from my group?

If the group hasn’t started yet, the group admin can remove a user by clicking “Edit Members” on the group page. Once the group starts, however, the group details and members are no longer editable.

Transactions

Why do I have to link a bank account?

By connecting your bank account, we can process all the transactions automatically according to schedule. This way, it’s convenient for everyone in the group and you’ll have one less thing to worry about. We do not store any bank account information after it is linked.

To read about our privacy policy, click here. You can also read how your information is secured with our financial partner here.

How do I link a bank account?

You can access “Account Settings” by tapping on the menu  on your dashboard. Tap on “Edit payment method” to add or edit a bank account. There are two verification methods you can use to link your bank account.

Choose your bank and enter your credentials. This is the fastest way to connect your account.

Micro-deposit by entering your checking and routing number. We will deposit less than .10 into your bank account within 2-3 business days. You can complete the verification process by entering the amount.

How do I make payments?

All the payments are automated. When you link a bank account, you agree to allow us to withdraw the fund automatically. You can always edit your bank account under “Cash” icon. Please ensure there are sufficient funds for each group payment to avoid service interruption. We are not responsible for any overdraft fees charged by your bank.

How do I know when the next payment or payout is due?

You can always check your payment schedule for each group in the app. Payment schedules may change up to 48 hours if the group admin makes any group changes before the first payment is initiated. Check back regularly to see the updates. Once the group starts, the payment schedule is set. 

What are the processing times for my transactions?

Processing times of your transactions will differ depending on your bank. Standard ACH for payments can take up to 4 business days to process. Cash out transfer to your bank can take 1-2 business days to complete. You will receive email and push notifications each time a transaction happens. Or, you can view group activities for status update.

Why can't I cash out?

There might be a few reasons:

1. First group in Joola. If you recently joined your first group in Joola, you must make at least one successful payment before you can access your payout. Build good reputation by making successful payments.

2. Have a missing payment? You will not be able to cash out until all outstanding balances have been paid in full. Please note that when the group is completed while you owe any balance, your payout may be distributed back to other participating group members who made successful payments.

How are the service fees calculated?

Simple! We charge a low percentage service fee based on your payout position.

  • The first three members to receive payouts in a group will be charged 3-5% service fee
  • There are no service fees for middle payouts
  • The last individual to receive the payout in a group can earn 2% cash bonus

All the fees will be deducted per payout. You can view all the payment details, including the fees, on the group details screen.

How do I calculate how many payments I need to make?

Easy! The number of payments you have to make per group will be equal to the number of your group members, excluding yourself. Let’s say you join a group of 5, you’ll see 4 payments on your payment schedule. No payment is due when it is your turn to receive. You can always refer to the payment schedule page in each group to see all the upcoming payments.

I missed a payment. What do I do?

Though all payments are automated, please ensure that you have enough balance to cover any pending payments. We are not responsible for any overdraft fees charged by your bank.

If you missed a payment, a “resolve now” option will appear under your payment schedule. You will be given an option to make a payment. A $15 late fee per group payment will be applied to your account if it is not resolved within two weeks. There is a maximum total of $45 in late fees per group.

You will not be able to withdraw any balance from your account until failed payments are resolved. We may withdraw your Joola balance to cover the owed balance and late fees.  

If you have missed a payment on your account by 30 days or more, your account will be deactivated and $30 reactivation fee will apply. Any balance you owe may be sent to a collection agency and reported to credit agencies.

What happens when someone misses a payment in the group?

The personal limits we set upon users is our way of safeguarding the safety of all of our users. However, we encourage you to use your best judgment and only join a group with trusted friends who you know have good track records at keeping their commitments.

We will report all payment history to credit bureaus, including any missed payments, in the future. The default payments could be reflected on their credit history and might impact their credit. They will also be suspended from Joola.

Can I use a credit card?

Not at this time. In order to help users save money together, we need to keep our costs low. Processing credit cards can significantly add to our operational cost. Additionally, we cannot report credit card transactions to credit bureaus.

Support

My account is locked. What do I do?

If you have any outstanding balance, you have to make all the due payments before your account can be restored. It may take 3-4 business days for your account to be active once the payments are made. For all other technical questions, you can always contact Joola through the chat feature within the app or email us at [email protected].

How do I contact joola?

You can send us an email to [email protected]We will get back to you quickly.

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